Silvey Residential- Realtor

A great opportunity in Loudoun County! https://bit.ly/4dhxdRl

Our latest listing in Loudoun. See the 3D Tour and all the professional pictures: https://bit.ly/43lLdVv

Looking for an updated home on a large, private lot in Leesburg? This might be a great fit for you! Learn more and see all the professional pictures: https://bit.ly/3NMacen

Wide open floor plan! If you're looking for something other than the standard center-hall colonial here in Virginia, this might me a good fit for you. See all the professional pictures here: https://bit.ly/3qMAJA0

Ferrari owners rally sponsored by Ferrari of Washington. They do an incredible job of building their brand!

US home foreclosure filings up 22%! 2023’s Market Correction Could Be The Largest Since WWII Just two examples of negative housing market headlines that are common these days. I just don’t see it. And looking at the data and considering the context, there is no reason to believe we are headed for a major correction. Yes, the debt ceiling deadline posed a significant risk to the housing market. But as of this morning, that risk is minimal. Here in Loudoun County, the market has remained strong with stable property values near all time highs!

A $50,000 mistake! I’m a firm believer that most homes that go on the market will sell within a range of values. And that sales price depends a lot on the how well the property is marketed. How the offers are negotiated, And also the accuracy of the initial listing price. I have a real life example of how a Loudoun county homeowner left over $50,000 on the table because they mispriced the listing. The home was listed significantly below fair market value based on the recent comparable sales. There are typically two reasons why I see this done. The first is that the listing agent doesn't have a complete understanding of the local market conditions. Maybe they are unfamiliar with the area or just don't sell a lot of homes in general. The second reason is that they believe pricing a property low is an effective marketing strategy. What are the two most popular statistics that agents use to promote their business. Days on Market and what percentage above LIST price they are able to sell properties. So they have a huge incentive to List below fair market value and hope that this will stimulate demand. A better indicator of success, in my opinion, is what percentage above fair market value, NOT list price, was the agent able to secure a contract for the property. And this is why Pricing is so crucial. Remember that the List price is a signal to the market. It's a way to message expectations. It acts as a starting point for negotiations and often acts as an anchor. Getting back to the example here in Loudoun. The house was listed 50,000 dollars LESS than fair market value. Which actually did stimulate demand to some extent. But the starting point of the negotiations was anchored 50,000 low. And ultimately the negotiations resulted in a contract price just $30,000 above list price. Days later, I put my Listing on the market. Same model as the one that just went under contract. Same neighborhood... actually a stone's throw away.

How will the Silicon Valley Bank failure affect the real state market? I have my take on this issue, as well as a quick update on the market here in Loudoun. We are right in the heart of the Spring Real Estate Market and it continues to be one of the most volatile markets in the past 20 years. There are huge daily interest rate swings. What I've seen is that Buyers have been incredibly sensitive to rate increases once they approach 7%. And rates continue to bounce in that range over the past couple of months. Despite interest rates approaching 7%, we are back in an environment where we are seeing multiple, competing bids for properties that are priced appropriately and are in good condition. There is a perception that Demand is strong. But that really isn't the case. Let's take a look at the Bright MLS Home Demand Index. The Solid line is the Buyer Demand for homes in Leesburg and the dash line is showing Loudoun County. As you can see, Buyer Demand is suppressed and nowhere near the highs of last Spring. So what is driving this market? It continues to be on the supply side with historic low inventory. Let's look at Leesburg.... both the 20175 and 20176 zip codes. Detached Single family homes in a price range between 700,000 and 900,000. There are only 4 homes for sale..... and 2 of those are new construction homes to be built. Let's take a look at Ashburn. Both zip codes. 20147 and 20148. And we will search a price range of 750 to 950,000. It's a little larger of a market. But just 10 homes for sale. And 6 of those 10 are either new construction or in a 55 and over community. This is historic low inventory and something I haven't seen in the past 20 years. In a way we are at an impasse .... a stalmate between buyers and sellers. Buyers hesitant with rates in the mid 6s and at times even 7. Sellers hesitant because they most likely are in a loan that is 3 or 4 points less than the current market and don't see much upside t

Inventory is so tight here in Loudoun. If you are looking for a large single family home, in a great neighborhood, for less than $1 million, this might be a great fit for you. Text 505 to 703-577-1946 for price and location. Listing provided by Saad Jamil with Samson Properties.

There is something to be said for a home that still has the original owners. So often there is a "pride of ownership" that far exceeds other properties. 602 Meade Drive in Leesburg is exactly that. Lovingly maintained and updated, this home is ready for the next owners to take the keys and carry on the legacy. Learn more details and see the professional pictures: http://bit.ly/3Jqg2ka

It's not what I expected. Home buyers are back! And back in large numbers! The supply side has remained tight as expected, but no one predicted that demand would pick up this quickly. The "spring market" is underway. What to watch out for. A recession that leads to high unemployment. Even the prospect of job losses will negatively impact demand and put us back into a stagnant housing market.

🏡 Great townhouse in the heart of Ashburn. 🏡 Just steps to the W&OD Trail and minutes to the new Metro! See all the professional pictures: https://bit.ly/SusconSq

So how is the real estate market here in Loudoun County? Last month I took a close look at Supply. This month, I'm looking at Demand. A great tool that I use is the Home Demand Index, generated monthly by the local MLS. It considers Buyer behavior and pre-sale activities. The index is showing healthy buyer demand in Loudoun County and actually "Strong" demand in some zip codes such as Ashburn. What I find interesting is that there is not more activity in the market. There are fewer homes going "under contract' and fewer homes going to Settlement than we would expect given the healthy demand numbers. Digging a little deeper, I believe that some of this can be explained when we consider the general uncertainty in the US economy. Last week the Federal Reserve Chairman warned that consumers will face "pain" as a consequence of reducing inflation. There have been multiple days of large losses in the stock market. And the yield curve for government bonds continues to be inverted... historically a predictor of a recession. Despite this uncertainty, there is hard evidence of homes selling within the first weekend if they are priced appropriately and have been recently updated. For every home that sells quickly, however, there are 5 that have become stagnant listings. Sellers in this situation have a couple of choices. Price their homes aggressively. Or be willing to be patient and wait for the fall market when there might be more clarity and buyers may be more likely to make offers. For now, the opportunities in the real estate market favor Buyers. Especially those that are willing to consider properties that need cosmetic work. If you have any questions, or if you would just like to discuss the market in general, call or text anytime. My cell number is 703-577-1946.

Exclusive Offer! No Fees. No Obligation. Drone video and exterior pictures when your home looks its best .... which is now! The Spring real estate market begins is February. Be prepared. We are scheduling exterior pictures and drone video for our clients. Message me or call my cell if you would like to be included. 703-577-1946. No fees! No obligation!

Loudoun Market Update

This month’s market update for Loudoun is all about the latest Supply numbers. There are 263 MORE active listings now than this time last year. That’s the largest buildup in home inventory in 7 years. Why is that important? What does it mean if you are considering buying or selling a home? Here’s my take.

Location. Location. Location. Backing to common area and just steps to the community pool. Packed with renovations and updates. See all the professional pictures and learn more. https://bit.ly/3J0bYF0

Location. Location. Location. Backing to common area and just steps to the community pool. Packed with renovations and updates. See all the professional pictures and learn more. https://bit.ly/3J0bYF0

My clients have 22 years of memories in this house. Raising five kids under one roof, you can only imagine the stories. It's time for new owners and new memories fostered in a beautiful home on one of the most private lots in Ashburn Farm. Learn more and see all the professional pictures. https://bit.ly/3PlaOGB

✅ Updated metal roof! ✅ Sanded and refinished hardwood floors! ✅ Custom paint, top to bottom! See all the pictures and learn more. https://bit.ly/3xPjJs5

There has been a lot of talk recently about the Fed raising interest rates. And it’s true that it has been affecting the rate of a 30 year mortgage. But I’d encourage you to think about what the FED is planning to do this month and how that might put the housing market at risk. You see, during the pandemic the FED was actively purchasing Mortgage Backed Securities. And Mortgage Backed Securities are simply a number of home loans that are pooled together and sold as one Security. Recently the FED has stopped purchasing these securities, but Jay Powell has indicated that starting this month, June of 2022, the Fed will start actually selling their Mortgage Backed Securities and reducing the amount of securities they have on their balance sheet. There is an inverse relationship between price and the interest rate of a mortgage backed securities. When the price is driven higher the interest rate goes down and vice versa. During the pandemic, the FED was buying these securities at almost any price and keeping the price artificially high which in turn kept the interest rate incredibly low. This is changing as we speak and most likely to get much worse. As the FED starts selling Mortgage Backed Securities on the open market, investors will expect a “risk premium”. At the same time, they will be competing with all the new Mortgage Backed Securities that are being created daily. You can see how the price of Mortgage Backed Securities will face a lot of downward pressure in the coming months. And that will lead to higher borrowing costs for home buyers. How high? Some experts are predicting 6.5% for a 30 year mortgage by the end of the year. This is an incredible turn of events considering that just months ago that same loan was at less than 3%. The risk to the housing market is not a lack of Demand. Millennials entering their prime home buying years will ensure that demand stays strong. But affordability is what could put the brakes on th